The Confederation of Real Estate Developers’ Associations of India welcomed the long-awaited Government move to pave way for real estate regulation and development Bill.
But said there is a need to closely look into what is in store in the final version.
C.Shekar Reddy, President of Credai, in a statement said, "We worked closely on the previous draft Bill. We had certain strong reservations on some of the clauses of the Bill and we will keep on working with the ministry and the States, so that our members are not unnecessarily victimised and License Raj does not come back."
From industry perspective it is important that the Bill maintains equilibrium between the developer’s community and the end users.
Sanjay Dutt, Executive, Managing Director, South Asia, Cushman & Wakefield, said, "The Bill will help institutionalise the sector, giving it the necessary fillip to move to a new phase of growth and development."
Hopefully, this would also be a positive step in the direction of providing ‘Industry status’ to the sector. This is likely to attract investments from domestic and international funds.
Anuj Puri, Chairman & Country Head, Jones Lang LaSalle India, said, "As and when the Bill gets enacted, it will look to provide considerable relief to the ordinary buyer and investor who goes through innumerable obstacles when buying a property and at times is duped by even small developers, builders and brokers."
By imposing strict regulations on the Promoter, the Bill looks to ensure that construction is not only completed in a timely manner but that on completion the buyer gets the property as per the specifications that he had been promised.
The category of real estate brokers has also been brought under the ambit of this Bill by making their registration mandatory when the promoter provides the project details to the Authority.
The Bill in its current form does not provide for any relief to them in terms of getting through the cumbersome approvals and permissions process in any expeditious manner.